The Fractional OU Process: Term Structure Theory and Application

The paper revisits dynamic term structure models (DTSMs) and proposes a new way in dealing with the limitation of the classical affine models. In particular, this paper expands the flexibility of the DTSMs by applying a fractional Brownian motion as the governing force of the state variable instead of the standard Brownian motion. This is a new direction in pricing non defaultable bonds with offspring in the arbitrage free pricing of weather derivatives based on fractional Brownian motions. By applying fractional Ito calculus and a fractional version of the Girsanov transform, a no arbitrage price of the bond is recovered by solving a fractional version of the fundamental bond pricing equation. Besides this theoretical contribution, the paper proposes an estimation methodology based on the Kalman filter approach, which is applied to the US term structure of interest ratesFractional bond pricing equation, fractional Brownian motion, fractional Ornstein-Uhlenbeck process, long memory, Kalman Filter

Neuroethics and Spanish Literary Responses to "la crisis"

El ensayo trata la posibilidad de cambiar la ética social a través del discurso del humanismo. Se subraya la base genética del comportamiento del ser humano, y la influencia que el medio ambiente puede tener sobre esto. Tomando como punto de partida la narrativa, y específicamente dos novelas españolas contemporáneos, se concluye que la narrativa ejerce una función de suma importancia en el desarrollo social, pero que dicha función es más allá del control del individuo artista, y que la ética es ex post facto, o sea producida por la narrativa, y no al revés.El ensayo trata la posibilidad de cambiar la ética social a través del discurso del humanismo. Se subraya la base genética del comportamiento del ser humano, y la influencia que el medio ambiente puede tener sobre esto. Tomando como punto de partida la narrativa, y específicamente dos novelas españolas contemporáneos, se concluye que la narrativa ejerce una función de suma importancia en el desarrollo social, pero que dicha función es más allá del control del individuo artista, y que la ética es ex post facto, o sea producida por la narrativa, y no al revés.This essay treats the possibility of changing ethical behavior through the influence of humanistic discourse. The focus herein is on the genetic base of human behavior, and the influence the environment has upon it. Taking narrative as a point of departure, specifically two contemporary Spanish novels, the paper concludes that narrative exercises an determining role in social development, but a role that is beyond the conscious control of the individual. Furthermore, ethics seem to be an ex post facto product of narrative, rather than the other way round

An investigation of subsequent yield phenomena

A method utilizing high pressure fluid environments is described whereby a three-dimensional subsequent yield surface was determined for 304 stainless steel. Cylindrical parent specimens of this material were prestrained in axial compression under fluid pressure and then small sub-specimens were sectioned from these parent specimens. Finite element techniques were used to optimize the parent specimen size so that a zone of uniform axial stress would result during the prestraining. Longitudinal strains in this zone were monitored during the prestraining and the sub-specimens were cut from this region in a manner that did not allow the machining to appreciably affect the properties of the specimens. Following this, conventional tension and compression tests were performed on the subspecimens in various fluid pressure environments to determine the yield strengths for the prestrained material in the directions of the principal axis of prestrain and the two transverse axes. These data are used to construct the subsequent yield surface --Abstract, page ii

The Effects of Two adhesive Ankle Taping Techniques Upon Selected Motor Abilities and Ankle Flexibility

The ankle joint, because of the inadequate support supplied by muscles and ligaments, suffers frequent and often severe injury. Many coaches and athletes believe that adhesive taping of the ankle will reduce the occurrence of ankle injuries. Garrick has shown in his study that adhesive taping does help prevent ankle injuries to some degree. As a result, many athletes, professional and amateur, have their ankles taped routinely for protective purposes before practicing and playing in athletic contests. The adhesive taping of the ankle joint helps prevent injury by reducing the maximal range of movement of the joint. The athletic trainer, when applying nonelastic adhesive ankle taping, attempts to reduce the maximal range of movement without hindering an athlete\u27s motor performance. Whether or not motor performance is restricted is not conclusive. It is of importance to the coach and athlete to know if ankle 4 taping does significantly impair a participant\u27s athletic performance. There are many techniques of taping ankles for the prevention of injuries, and Dolan states that there are 24 such methods. The coach and/or trainer, depending on his background and experience, usually employs one of many methods of preventive taping of the ankle joint. Different taping techniques may vary in restricting the range of motion, thereby affecting motor performance in varying degrees. The results of this study should be beneficial to trainers, coaches, and athletes in that it hopefully will establish a more rational approach to evaluating certain aspects of adhesive ankle taping. The purpose of this study was to determine the effects of two different techniques of adhesive ankle taping the performance of selected motor skills of athletes and ankle flexibility. The following hypotheses were investigated. There is no significant difference in the performance of selected motor skills of athletes whose ankles have been taped with the South Dakota State University Regular taping technique, the traditional closed Gibney Basketweave taping technique and no tape. There is no significant difference in the ankle flexibility of athletes taped with the South Dakota State University Regular taping technique and the closed Gibney Basketweave taping technique

Shop Less, Shop Better: ethical and sustainability concerns throughout the fast fashion supply chain

My capstone project is a series of short essays that describe how fast fashion is having negative impacts on local environments, communities, and supply chains. This research is a review of technical sources describing manufacturing of clothing and certification processes for alternative, sustainable textile production. Additionally, this review incorporates perspectives from journalists and documentarians, visiting and describing farms and factories that are involved with fast fashion production. This project was carried out over the course of a semester, as an independent study. The essays focus on the environmental and social impacts of fast fashion. Each of the six essays approaches a different topic within the realm of clothing production, shaping an argument against overproduction and overconsumption. Illustrating the human and environmental impacts of the clothing system, the essays combine the social and sustainability concerns. They also focus on alternatives to fast fashion. Fast fashion describes the rapid system of design, production, and distribution of low-quality clothes. Additionally, fast fashion necessitates resource exploitation that is inherently unsustainable. Finally, fast fashion presents ethical and humanitarian concerns. Currently, workers within the fast fashion supply chain lack freedom of association, union representation, and adequate wages. Globally, a transition away from fast fashion will decrease pesticide use, decrease pollution, and benefit human rights along clothing production supply chains by ending the practices of forced, coerced, and child labor. However, there is an associated cost with this transition. Consumers must become more discerning and selective about their purchases, opting for more ethical and sustainable clothing options. Third party ethical and social certifications are one step towards shaping a more conscious clothing economy. Already, sustainability is on trend in some markets. In the future, the interest and desire for environmentally conscious clothing will continue to increase and clothing producers will respond accordingly

Effects of pressure on the mechanical properties of magnesium

The data collected in an attempt to evaluate the pressure dependency of the mechanical properties of extruded AZ31B-F magnesium alloy are presented herein. This information was compiled from the results of compression tests run in hydraulic fluid environments pressurized to 50,000 psi, and tension tests run in the atmosphere. Specimen axial load and longitudinal strain were recorded and converted to effective stress and effective strain parameters for presentation. The term pressure is defined, in this report, as the negative average of the principal stresses or, essentially, the negative of the hydrostatic component of stress. The effective stress and strain, at yield and fracture, which were achieved at various hydrostatic stress levels are plotted against the hydrostatic stress levels at which they occurred. It has been shown that the strength and ductility of this extruded alloy, measured at fracture, are increased by an increase in the hydrostatic stress component that exists at the time of fracture. In addition, the effective stress, at yield, is increased and the effective strain is decreased by an increase in the current pressure. An exception to the above seems to be the effective stress achieved at yield in uniaxial tension which is substantially greater than the highest effective yield stress obtained in compression at any fluid environment pressure. This anomaly is due to the fact that the specimen material was cold formed. The aforementioned graphs are combined to form a three dimensional yield and fracture model based on the parameters of effective stress, effective strain and pressure. This model shows the pressure dependent properties of the particular magnesium alloy under investigation. It is, however, incomplete since bi-axial tension tests run at various fluid pressure environments are needed to better define the tensile pressure region of the model, and compression tests conducted in higher fluid pressure environments are needed to determine the pressures required to obtain infinite ductility --Abstract, page ii-iii

Increasing Engagement and Understanding Using Interactive Planetarium Shows

Despite the popularity of astronomy in first year university, it has lagged behind many other disciplines in implementing modern pedagogical techniques designed to improve student engagement. To address this, over the past several years, the Department of Astronomy and Astrophysics at our university has employed an Audience Response System, the use of online interaction tools such as Twitter and MSN, the introduction of tutorials which include small-group activities, and the use of a planetarium with which we developed both instructor-led and student-led shows. Our goal in this study was to assess the effectiveness of the overall approach on students’ engagement and understanding, with a specific focus on the use of teaching planetaria. Data was collected using quantitative pre and post test questionnaires at three different stages of the course simultaneously during the tutorial and both types of planetarium shows. We also conducted 5 focus groups with approximately 10 participants in each to evaluate their perspectives on the various learning components of the course and how these influenced their engagement. Although analysis is not complete, quantitative data appears to demonstrate no significant knowledge or understanding differences between the various learning experiences. In focus groups, participants claimed to prefer teacher-directed activities such as class lecture and the tutorial to the student-led planetarium show, although several factors qualified these claims. Results are discussed in the context of literature that theorises contemporary schools are reproducing ‘knowledge consumers’ rather than knowledge producers, and the various economic and social factors influencing this

Metabolism of low-density lipoproteins by cultured hepatocytes from normal and homozygous familial hypercholesterolemic subjects

The profoundly elevated concentrations of low-density lipoproteins (LDL) present in homozygous familial hypercholesterolemia lead to symptomatic cardiovascular disease and death by early adulthood. Studies conducted in nonhepatic tissues demonstrated defective cellular recognition and metabolism of LDL in these patients. Since mammalian liver removes at least half of the LDL in the circulation, the metabolism of LDL by cultured hepatocytes isolated from familial hypercholesterolemic homozygotes was compared to hepatcytes from normal individuals. Fibroblast studies demonstrated that the familial hypercholesterolemic subjects studied were LDL receptor-negative (less than 1% normal receptor activity) and LDL receptor-de fective (18% normal receptor activity). Cholesterol-depleted hepatocytes from normal subjects bound and internalized 125I-labeled LDL (Bmax = 2.2 μg LDL/mg cell protein). Preincubation of normal hepatocytes with 200 μg/ml LDL reduced binding and internalization by approx. 40%. In contrast, 125I-labeled LDL binding and internalization by receptor-negative familial hypercholesterolemic hepatocytes was unaffected by cholesterol loading and considerably lower than normal. This residual LDL uptake could not be ascribed to fluid phase endocytosis as determined by [14C]sucrose uptake. The residual LDL binding by familial hypercholesterolemia hepatocytes led to a small increase in hepatocyte cholesterol content which was relatively ineffective in reducing hepatocyte 3-hydroxy-3-methylglutaryl-CoA reductase activity. Receptordefective familial hypercholesterolemia hepatocytes retained some degree of regulatable 125I-labeled LDL uptake, but LDL uptake did not lead to normal hepatocyte cholesterol content or 3-hydroxy-3-methylglutaryl-CoA reductase activity. These combined results indicate that the LDL receptor abnormality present in familial hypercholesterolemia fibroblasts reflects deranged hepatocyte LDL recognition and metabolism. In addition, a low-affinity, nonsaturable uptake process for LDL is present in human liver which does not efficiently modulate hepatocyte cholesterol content or synthesis. © 1986